The Ruble has been the currency of Russia for approximately 500 years; it has been used in various countries throughout its history. There have been different versions of the ruble due to the various changes in the currency's value.

Years

Description of the Ruble

First ruble

1500s-1921

The ruble remained the official currency of Russia until 1921, when it dramatically fell in value

In 1710, the ruble was given its first subdivision, kopeks, with 100 kopeks making up one ruble

Used a bimetallic standard of gold and silver

In 1885, a new standard was adopted and the ruble was pegged to the French franc at a rate of 1 ruble to 4 francs

Second ruble

1921-1922

A redenomination was set at a rate of 1 new to 10,000 old rubles

Chervonets were also used starting in 1922

Third ruble

1923-1924

The Soviet Union issued a redenomination at a rate of 1 new to 100 old rubles

Fourth ruble

1924-1947

Known as the gold ruble, the fourth version was issued at a rate of 50 000 old to 1 new ruble

Fifth ruble

1947-1961

Following World War II, another redenomination was set at a rate of 10 old to 1 new ruble

Sixth ruble

1961-1997

Based on the 1947 reform, another redenomination was set

After the collapse of the Soviet Union, Russia continued to use the ruble, replacing old banknotes

Seventh ruble

1998-present

In 1998, another redenomination was set at a rate of 1 new to 1,000 old rubles

That year, six months after the Russian financial crisis, the RUB lost 70% of its value against the US dollar

In 2010, Russia and China decided to use their national currencies for joint trade